CF Industries Holdings Inc (NYSE:CF) saw its stock surge 5.09% in pre-market trading on Thursday, following the release of its impressive first-quarter earnings report and the announcement of a new share repurchase program.
The fertilizer manufacturer reported quarterly earnings of $1.85 per share, significantly beating the analyst consensus estimate of $1.44 by 28.47%. This represents a substantial 79.61% increase from the same period last year when the company reported earnings of $1.03 per share. CF Industries also outperformed on the revenue front, posting quarterly sales of $1.66 billion, surpassing the analyst consensus estimate of $1.53 billion by 8.66%. The reported sales figure marks a 13.13% increase compared to the $1.47 billion reported in the same quarter of the previous year.
Adding to the positive sentiment, CF Industries' board of directors authorized an additional $2 billion share repurchase program through 2029. This move signals the company's confidence in its financial position and commitment to returning value to shareholders. The combination of strong financial results and the new buyback program appears to be driving investor enthusiasm, resulting in the significant pre-market stock price increase.
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